MONTREAL, March 20, 2013 /PRNewswire/ - Ivanhoé Cambridge continues to
develop its U.S. office portfolio and announces an investment in
California's Silicon Valley region through the acquisition of 73 office
buildings in partnership with affiliates of TPG and DivcoWest, who
jointly led the transaction which closed in late December 2012.

This opportunistic investment provides the partners with immediate
access to 600,000 m2 (6.4 million ft2) of leasable space with a very attractive potential long-term return.

"This investment of more than 400 M$US enables us to acquire a critical
mass of assets in a rental market that is seeing one of the best growth
rates in the United States," said Ivanhoé Cambridge's President, Global
Investments, Bill Tresham. "We look forward to working with our
experienced partners, TPG and DivcoWest, to increase the value of the
office and R&D properties through additional investments and through
strong asset management committed to meeting tenant needs."

The properties were part of a portfolio sold by Mission West Properties,
Inc., a publicly-traded REIT. All the buildings are located in Silicon
Valley, California, which boasts a large concentration of high-tech
firms and has among the fastest employment growth rates in the United
States.

Avi Banyasz, partner at TPG, said, "We are excited about the opportunity
to work with Ivanhoé Cambridge and DivcoWest to maximize the value of
our partnership, M West Properties."

"We feel very fortunate to have partners like Ivanhoé Cambridge and TPG
in this investment," said DivcoWest CEO, Stuart Shiff. "The collective
talent at the table for this portfolio will bring out the absolute best
value for our investors and tenants in the months and years to come."

About Ivanhoé Cambridge
Ivanhoé Cambridge is a world-class real estate company that leverages
its high-level expertise in all aspects of real estate including
investment, development, asset management and building operations. It
holds assets in more than 20 countries valued at over Cdn$30 billion as
at December 31, 2011. Ivanhoé Cambridge is a real estate subsidiary of
the Caisse de dépôt et placement du Québec (lacaisse.com), one of Canada's leading institutional fund managers. For more
information, visit ivanhoecambridge.com.

About DivcoWest
Founded more than 19 years ago in Northern California, DivcoWest has
become one of the nation's leading fully integrated real estate
investment and management firms. DivcoWest has acquired more than 30
million square feet of high-level commercial space in locations
throughout the US. The company has offices in San Francisco and Boston.
www.divcowest.com